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Exam 10: Unemployment

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Question 41

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According to the theory of efficiency wages, firms operate more efficiently if wages are above the equilibrium level.

A) True
B) False

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Question 42

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Right-to-work laws give workers in a unionized firm the right to choose whether to join the union.

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B) False

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Question 43

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Teenage unemployment is higher than unemployment of people ages 20 and over. Explain why economists would attribute at least part of this difference to minimum-wage laws.

Meredith is looking for work as a computer programmer. Although her prospects are good, she hasn't yet taken a job. Julie is looking for work in a steel mill. Every time she shows up for an interview, there are more people looking for work than their are openings. Someone waiting in line with her tells her it has been that way for a long time.

The Bureau of Labor Statistics divides the adult population into four categories: employed, underemployed, unemployed, and not in the labor force.

The labor force equals the

One reason economies always experience some unemployment is job search.

Long-run unemployment arises from a single problem that has a single solution.

The BLS reports the U-6 measure of labor underutilization. Which of the following is how it computes U-6?

In 2009, the U.S. natural rate of unemployment was estimated to be 5.0 percent, which at the time was close to the actual rate of unemployment of 9.3 percent.

Ava owns her own business. The Bureau of Labor Statistics counts Ava as

There are always some workers without jobs, even when the overall economy is doing well.

Suppose some country had an adult population of about 50 million, a labor-force participation rate of 60 percent, and an unemployment rate of 5 percent. How many people were unemployed?

Who of the following would be included in the Bureau of Labor Statistics' "unemployed" category?

A firm might offer efficiency wages in order to reduce shirking.

The demand for labor by a certain firm is independent of the demand for that firm's product.

Figure 10-1 -Refer to Figure 10-1. At the equilibrium wage, how many workers are unemployed?

Within the U.S., teenagers have similar rates of unemployment as older workers.

When job search is the explanation for unemployment, workers are searching for the jobs that best suit their tastes and skills, but when the wage is above the equilibrium level, the quantity of labor supplied exceeds the quantity of labor demanded, and workers are unemployed because they are waiting for jobs to open up.

Over the past several decades, the difference between the labor-force participation rates of men and women in the U.S. has